Allergan Shares Fall After CEO Says Drug Trial Will Be Delayed

Allergan Inc. (AGN), the maker of the Botox wrinkle treatment, fell as much as 14 percent after saying it will delay further study of an experimental drug for age-related macular degeneration. Regeneron Pharmaceuticals Inc., which makes potential rival eye medicine Eylea, surged.

Allergan tumbled 9.1 percent to $103.19 at 11:23 a.m. New York time, after declining to $98 in the biggest intraday drop since November 2008.

David Pyott, the chief executive of Irvine, California- based Allergan, said on a conference call today that current data don’t support taking the medicine into the final stages of trials needed for regulatory approval.

Regeneron jumped as much as 17 percent, and gained 12 percent to $240.79.

To contact the reporters on this story: Sasha Damouni in New York at sdamouni2@bloomberg.net; Clyde Eltzroth in New York at celtzroth1@bloomberg.net

To contact the editor responsible for this story: Joanna Ossinger at jossinger@bloomberg.net; Reg Gale at rgale5@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.